What does the word Auditing mean to you? The common understanding of auditing is: ‘A formal, systematic review of information’. Due Diligence? In the context of healthcare and regulated services it is usually understood to mean a comprehensive appraisal of a business undertaken by a prospective buyer, especially to establish its assets and liabilities and evaluate its commercial potential. Heavy stuff indeed, and likely to cause a little anxiety for Providers and Registered Managers alike. Its likely that we have all experienced an audit at some point, but experiencing it, and carrying it out are totally separate.
For the auditor it is about reviewing information and doing so in such a way that the process is replicable. You should prepare for an audit, having a thorough knowledge of the subject, and have a clear understanding of what outcomes you are expecting. You should be prepared to explore information you are given and not just accept at face value that everything is as it seems. A care plan audit that always scores 100% across all service users is unlikely to be correct, and you should be prepared to probe and triangulate information to ensure that the score is correct.
For the person being audited, it can be a stressful experience as the auditor seeks to verify the accuracy of information that you have provided them with. You should only state fact, do not make assumptions, and if the information is not available be open, honest and transparent. That way the auditor does not spend time looking for things that do not exist and can instead make suggestions as to how you could evidence the requirements.
Swift Management Services Limited are experienced in auditing of services and providing comprehensive reports and action plans to help you develop and thrive.
Due Diligence – A comprehensive appraisal of a business. The healthcare market is constantly changing and evolving, which is both exciting and daunting in equal measures. There has been considerable change in the make up of providers and many providers have joined forces to create services over a number of different settings. The process of merging only takes place after a comprehensive review has taken place, after all, the purchaser is going to be spending a significant sum of money to acquire a home and will want to know as much information about the service, both good and bad, so that they can make an informed decision. This is known as Due Diligence.
As providers will be aware, an inspection report from your regulator only provides a snap shot of what is happening in your service and may not comprehensively cover all aspects of your particular operation. A Due Diligence review looks at all every area of a service, and may take an extended period of time as it will also consider your position in the healthcare market, your inspection report, your reputation, complaints, compliments, staffing arrangements/staffing issues, the local commissioning arrangements, sustainability, finances, private v state funding of residents etc.
Swift Management Services Limited are experienced in conducting Due Diligence reports for commercial banks, insurers and purchasers of care services.
Why not enquire today as to how we can help you with Auditing and Due Diligence reviews.